CURRENCY DAILY REPORT
17th April – 2012
CURRENCY RESISTANCE & SUPPORT LEVELS
SCHEME | R1 | R2 | R3 | R4 | S1 | S2 | S3 | S4 |
USD INR | 51.6863 | 51.7283 | 51.9442 | 52.0942 | 51.5363 | 51.4283 | 51.3442 | 51.1942 |
EUR INR | 67.7600 | 67.9000 | 67.9900 | 68.1750 | 67.5750 | 67.5300 | 67.2500 | 67.0650 |
PRE MARKET NEWS
Rupee seen up on euro gains; RBI rate move key
The rupee is likely to rise early on Tuesday helped by gains in the euro, and the market will later take direction from the central bank's policy around 11 a.m. (0530 GMT) and its impact on equities.
* The Reserve Bank of India is widely expected to cut the repo rate by 25 basis points to 8.25 percent to revive sagging growth, though economists have been scaling back rate cut forecasts for the year amid worries about high commodity prices and a heavy fiscal deficit.
* The RBI too pointed towards an upside risk to inflation in its report released on Monday evening.
* The rupee is seen opening around 51.58 to the dollar, stronger than Monday's close of 51.68. It could weaken towards 52 if no rate cut is announced, traders said.
* The euro held gains after short-covering helped it pull back from two-month lows against the dollar and the yen the previous day, but is still seen as vulnerable ahead of a Spanish bond auction.
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